EV SALES TREND IN INDIA

EV Annual Sales Trend in India (FY2014 - FY2022) Vehicle Category-wise Market Share (Cumulative till FY2022)

5,00,000

4,55,773 E- Bus, 0.4%

E- Car, 3.3%
Others, 0.4%
E3W Cargo, 4.0%

4,00,000

Registered E2W,
32.8%
Annual Sales ( in Units )

3,00,000

Cumulative EV sales
till FY2022
2,00,000
1,70,812 =
1,46,590 10,90,641 units
1,40,828

96,756
1,00,000

56,551

17,973
2,982 2,376
E3W Passenger, 59.4%
0
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Registered E2W E3W Passenger E3W Cargo E-Car E-Bus Others

Source: JMK Research Estimates, Vahan Dashboard, Telangana RTO, Company Press Release, JMK Research
Note: Others include adapted vehicles, fork-lifts, goods carriers, omni bus, agricultural tractors, and trailer (agriculture vehicles)
 STATE-WISE SALES
State-wise Registered EV Cumulative State-wise Registered EV Annual Sales (FY2022)
1200000
Sales (Till FY2022)

1000000
Others, 2.36%
Uttar
UttarPardesh
Pardesh
Uttar Pardesh Jharkhand, 1.16%
17.87%
17.87%
26.92%
West Bengal, 1.33%

Chhatisgarh, 1.43%
800000
Maharashtra
Delhi Uttarakhand, 1.45% 11.2%
12.82%
100% =10,90,641 units

Punjab, 1.46%

100%
Karnataka
600000 7.85%

=
Odisha, 2.28%
Maharashtra Karnataka
Karnataka
10.13%
7.21% 10.13%
4,55,733 UNITS
Bihar Haryana, 2.60%
6.57%

400000 Rajasthan
5.61% Kerala
Kerala
Tamil Nadu
Tamil Nadu
Tamil Nadu 3.23%
3.23%
8.70%
8.70%
5.39%

Assam 4.99% Gujarat

Gujarat
Telangana 3.05%
4.18%
4.18%
Delhi
Delhi
200000 Gujarat 2.11%
Assam 7.57%
7.57%
Assam
4.48%
4.48% Registered E2W E-Car
Rajasthan
Rajasthan
Telangana
Telangana 6.88%
6.88%
Others, 17.47% E3W Passenger E-Bus
5.45%
5.45% Bihar
Bihar
6.20%
6.20%
E3W Cargo Others
0
Source: JMK Research Estimates, Vahan Dashboard,
Company Press Release, Telangana RTO, JMK Research
Note: Sales figures from Vahan Dashboard represent EVs
registered across 1,397 RTOs in 33 states/ UTs.
 STATE PROFILES
Year-wise & Vehicle Category-wise EV Sales Trend in India Year-wise & Vehicle Category-wise EV Sales Trend in India
3,00,000 82,024 2,93,641 70,000
UTTAR PARDESH

31,372 61,223
2,50,000 Others, 0.02% 60,000

RAJASTHAN
31,588 Others, 0.08%
E-Bus, 0.11% 50,000
2,00,000 56,221 E-Bus, 0%
E-Car, 0.12% 40,000
E-Car, 1.63%
1,50,000 57,226 8,191
E3W C, 2.38% 30,000 E3W C, 6.33%
1,00,000 E3W P, 90.83% 5,921
44,364 20,000 5,649 E3W P, 46.60%
50,000 E2W, 6.54% 4,661
22,218 10,000 5,429 E2W, 45.36%

0 0

80,000 51,390 78,666 71,696

80,000
28,275
70,000 70,000
MAHARASHTRA

Others, 0.06% Others, 0.02%

60,000 E-Bus, 1.19% 60,000 E-Bus, 0.04%
50,000 50,000

BIHAR
E-Car, 11.28% 13,290 E-Car, 0.18%
40,000 40,000
E3W C, 2.66% E3W C, 1.72%
9,414 14,263
30,000 30,000
E3W P, 6.18% E3W P, 88.65%
20,000 7,400 20,000 9,995
6,293 E2W, 78.63% E2W, 9.40%
10,000 1,460 10,000 4,267
2,709 1,606
0 0

1,00,000 35,000 24,830 33,303

46,167 85,655
30,000 Others, 0%

TELANAGANA
80,000
KARNATAKA

Others, 0.25%
25,000 E-Bus, 0.003%
60,000 E-Bus, 0.11%
20,000 E-Car, 10.82%
E-Car, 6.93%
13,020 15,000 E3W C, 6.80%
40,000 E3W C, 2.78%
7,183 10,000 5,978 E3W P, 1.39%
9,032 E3W P, 16.21%
20,000 E2W, 80.98%
3,584 5,000 2,495
6,670 E2W, 73.71%
0 0

60,000 39,635 58,813 60,000 20,436 54,378

50,000 Others, 2.38% 50,000 Others, 0.74%
TAMIL NADU

E-Bus, 0% E-Bus, 0.03%

40,000 40,000

ASSAM
8,960 E-Car, 0.28%
E-Car, 3.16%
30,000 30,000 12,019
E3W C, 8.24% E3W C, 0.50%
11,937 20,000
20,000 E3W P, 0.05% E3W P, 96.66%
7,899
E2W, 86.18% E2W, 1.80%
10,000 4,198 10,000 4,677
718 139 2,186 387
0 0

1,50,000 25,000 19,055 22,983

34,521 1,39,776

1,20,000 20,000 Others, 1.38%

11,811 Others, 0.04%
23,684 E-Bus, 0.04% E-Bus, 1.21%
90,000 15,000
E-Car, 7.04%
GUJARAT

21,449 E-Car, 3.47%

DELHI

60,000 E3W C, 8.50%

10,000 E3W C, 5.30%
17,956
30,355 E3W P, 75.18% E3W P, 3.63%
30,000 5,000 1,683
E2W, 12.77% 732 892 E2W, 81.44%
403 218
0 ’ 0

2021
Until
FY2017

2018

2019

2020

2022

Till Mar
2022
2021
Until
FY2017

2018

2019

2020

2022

Till Mar
2022
ELECTRIC TWO-WHEELERS

Key Players’ E2W Sales (FY2022)- Registered

Ec
(100% = 2,69,138 Units)

ho lth nes
RG

Fu or E s P
E
M

el

Ot
Bu

sy erg us,

he s, 0 20
ste
s i

rs,
KL

n
M Hero Electric

m 0. 29%
Go ew B K

0.6 %
Gr El om

y
ee

3%
28.05%

,
ec

.17 %
Jit nE t ak
en -m rica i, 0

0.
de
rN o bil ls, .71
ew ity 1.18 %
EV , 1. %
Te 23
ch %
, 1.4
2%
Baj
aj A
uto
, 2.8
0%

Okinawa Autotech
Benlin
g India
, 2.97%

17.57%
Revolt, 3.32%

Key Players’ E2W Sales (FY2022)- Unregistered

, 3.73%
(100%=1,67,172 UNITS) TVS
Moto
rs

OL
6.3

A
1%

es
P i
ur

cl
h
e
En Ve
7.1 e e re 5 %
7 % rg y m p .0
Ath e A 1 4
r E n e rg y
8 . 20 %
l
Tunwa
33.67% 6 %
7
0. .73%
O, Source: JMK Research Estimates, Vahan Dashboard, Company website and Press Release, State RTO
M a ,2 Note: Sales figures from Vahan Dashboard represent E2W (Top speed > 25 kmph) registered across 1,397 RTOs in 33 states/ UTs.
A em
Sh .71%
c , 3
l ec tri
E
Hop
J o y E- B i k e s
18 . 83%

Cosbike, 5.91%
8 . 3 p e re
6%
Am

H
er
oE E
l : R
1 5 % e c t ri c t
B a t 6%
13.1 Source: JMK Research Estimates, Company Press Release, Company Interviews, JMK Research
Note: This doesn't represent the overall market size of unregistered E2Ws. The % share is indicative of only those players
which have shared their data with us.
 ELECTRIC THREE-WHEELERS
Player-wise E3W Sales' Share (FY2022)

%
9.49
ric,
5%
7.4

lect
,
ric
c t

E
e
El

YC
ra
n d
h i
a
M 2%
,4 .7
tri c
E l ec
ra
Category-wise E3W Sales' Share (FY2022) S ae

100% s t , 4 .19%
Others, 47.63% Poly p la
= Champion
1,79,706 UNITS Dilli El
ectric,
3.60%
Be
stw
ay
Un Ag
iq en
u cie
Th eI s, 3
uk nt .48
l. , %
ra

M
lE 2.7

in
9%

Va
le

iM
Pia
ct

Terra

ni
Allfine In

J.S. Auto,
Energy EV, 1.93%
ric

et
gg

EV
,2

ro
.4

,2
i

,2
oV
1%

Moto

.4
.28

0%
ehi
E-Rickshaw

%
d

1.99%
100%

rs, 2.0

cle
u
with Cart, 7.52%

s t
=

s, 2
ri e

2%

.11%
s
1,79,706 UNITS

, 1 .52%
E3W (Goods), 4.42%

E3W (Passenger), 2.16%

E3W (Personal), 0.04%

E-Rickshaw (Passenger), 85.86%

Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO,
Note: Sales figures from Vahan Dashboard represent E3Ws registered across 1,397 RTOs in 33 states/ UTs; E3W (Passenger) sales stakes into account
E3W (Passenger), E3W (Personal), and E-Rickshaw (Passenger) sales. E3W (Cargo) takes into account E3W (Goods) and E-Rickshaw with Cart.
ELECTRIC BUSES Ashok
Leyland
3.37%

Player-wise E-Bus Sales' Share (FY2022) .72 %

PM
, 18
h IE
ec le
T

ct
en

ro
re

M
aG
1,186 UN

ob
%= ITS

ctr
0

ility
10

Ole

, 33.4
7%
JBM
Au
Source: JMK Research Estimates, Vahan Dashboard, JMK Research

to,
Note: Sales figures from Vahan Dashboard represent E-Buses registered
across 1,397 RTOs in 33 states/ UTs;

20
.83
%
.61%
rs, 23
o
Tata Mot

Player-wise E-Car Sales' Share (FY2022)

ta Motors, 86%
Ta

Ma
hi
nd
ELECTRIC CARS
M
G

r
Mo

a,
s
er

0.
tor

7%
h
s, 1

Ot
%
1.3%

Mercedes, 0.1

Others, 2.7%
100% 100%
= =
r,0.2%

21,596 UNITS 581 UNITS

a

.6 %
u
Jag

i, 0
da
Au

un
di

0. y
3% H
,

BYD Source: JMK Research Estimates ,Vahan Dashboard, Company Press Release,
, 0. 3 %
Telangana RTO, JMK Research
Note: Sales figures from Vahan Dashboard represent E-Cars registered across 1,397
RTOs in 33 states/ UTs; Others include BMW, Volvo, and Porsche